2. Overview

    The Japanese Income Growth Fund aims to outperform (after deduction of costs) the TOPIX, as stated in Sterling, by at least 1% per annum over rolling five-year periods through a combination of income and capital growth whilst maintaining a portfolio yield higher than the TOPIX. There is no guarantee that this objective will be achieved over any time period and actual investment returns may differ from this objective, particularly over shorter time periods.

    The manager believes this is an appropriate benchmark given the investment policy of the Fund and the approach taken by the manager when investing. In addition, the manager believes an appropriate performance comparison for this Fund is the Investment Association Japan Sector.

    Our fund aims to generate strong long-term total returns as well as provide investors with a higher yield than the Japanese market.

    Portfolio

    Top Ten Holdings - 30/06/2020

    Fund %
    1 GMO Internet 4.3%
    2 SoftBank 3.7%
    3 DENSO 3.5%
    4 SBI Holdings 3.3%
    5 Kubota 2.9%
    6 MS&AD Insurance 2.7%
    7 FANUC 2.7%
    8 Sony Financial 2.5%
    9 Sumitomo Mitsui Trust 2.5%
    10 Nintendo 2.5%
    Total 30.6%
    Fund %
    1 GMO Internet 4.3%
    2 SoftBank 3.7%
    3 DENSO 3.5%
    4 SBI Holdings 3.3%
    5 Kubota 2.9%
    6 MS&AD Insurance 2.7%
    7 FANUC 2.7%
    8 Sony Financial 2.5%
    9 Sumitomo Mitsui Trust 2.5%
    10 Nintendo 2.5%
    Total 30.6%

    As the Fund invests in overseas securities, changes in the rates of exchange may cause the value of your investment (and any income it may pay) to go down or up.
    The information contained on this page is intended as a guide only and should not be relied upon when making investment decisions. All holdings information is unaudited. Source Baillie Gifford & Co.
    Please note that totals may not add due to rounding.

    SECTOR ANALYSIS OF TOTAL ASSETS - 30/06/2020
    As the Fund invests in overseas securities, changes in the rates of exchange may cause the value of your investment (and any income it may pay) to go down or up.
    The information contained on this page is intended as a guide only and should not be relied upon when making investment decisions. All holdings information is unaudited. Source Baillie Gifford & Co.
    Please note that totals may not add due to rounding.
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    Insights

    All insights
    Third Quarter 2019

    Japanese Income Growth Fund - Manager Update.

    Karen See, joint manager of the Japanese Income Growth Fund, discusses the fund since its inception three years ago, and some key characteristics of the portfolio.

    Watch
    ARCHIVED
    Fourth Quarter 2018

    Japan's Return to Dividends.

    Japan often has a reputation for low dividend payments. Investment Manager, Karen See explains why this has not always been the case in the past and might not be in the future.

    Read more
    ARCHIVED
    May 2018

    Celebrating Inefficiency: The Market's, Not Ours.

    By being nimble and patient, by joining the dots to find left of field insights and by looking at the world through both a telescope and a microscope, we can find opportunities in corporate bond markets that others may miss. Discover how we go about this.

    Watch

    View all Insights.

    Meet the Managers

    Matthew Brett

    Matthew is an Investment Manager in the Japanese Equities Team. He is manager of the Japanese All Cap Strategy and Lead Manager of the Japanese Income Growth Strategy. He is also a member of the Global Stewardship Portfolio Construction Group. Matthew joined Baillie Gifford in 2003 and became a Partner in 2018. He is a CFA Charterholder. Matthew graduated BA (Hons) in Natural Sciences (Psychology) from the University of Cambridge in 2000 and holds a PhD in Psychology from the University of Bristol.

    Karen See

    Karen joined Baillie Gifford in 2012 and is an Investment Manager in the Japanese Equities Team. She is a CFA Charterholder and graduated BSc (Hons) in Economics with Japanese from the University of Birmingham in 2011.

    How to Invest

    You can invest in our funds via a number of fund platforms and supermarkets, please see the links opposite. Information on the range of funds available through platforms can be found in our Platform Matrix.

    Further information on our funds can be found in the relevant Key Investor Information and Prospectus Documents, which are available in English and will be sent to you free of charge on request.

    Baillie Gifford does not sponsor, maintain or have any control over the content of any other websites. Therefore, we are not responsible for the adequacy or accuracy of any of the information you may view, nor do we undertake to ensure successful transmission to any linked website.

    How to Invest

    Getting Financial Advice

    At Baillie Gifford we don’t provide financial advice, but we do try our best to provide you with all the information we think you might need to make investment decisions. Of course, we realise there are occasions when you may want the advice of an expert.

    Using professional financial advice

    An authorised intermediary can give you advice and help on how best to manage your financial affairs based on your circumstances and investment aspirations. They can also help keep track of all your different investment interests, saving you a lot of time and bookkeeping.

    Finding a financial adviser near you

    If you want to use an authorised intermediary, MyLocalAdviser is a website that allows you to search for authorised intermediaries in your area. You can visit their site on www.mylocaladviser.co.uk

    Documents

    You can access any literature about the Fund here, either by downloading or requesting a copy by post (where available). To download any document you will need Adobe Reader.  Please note that we can now provide you with Braille and audio transcriptions of our literature on request. It may take up to 10 days for the transcription to be completed dependent on the size of the document.

    Risks

    General Investment Risk

    Investment markets can go down as well as up and market conditions can change rapidly. The value of an investment in the Fund, and any income from it, can fall as well as rise and investors may not get back the amount invested.

    Custody

    Custody of assets involves a risk of loss if a custodian becomes insolvent or breaches duties of care.

    Single Country

    The Fund’s exposure to a single market and currency may increase share price movements.

    Foreign Currency

    The Fund has exposure to foreign currencies and changes in the rates of exchange will cause the value of any investment, and income from it, to fall as well as rise and you may not get back the amount invested.

    Volatility

    The Fund’s share price can be volatile due to movements in the prices of the underlying holdings and the basis on which the Fund is priced.

    Dilution

    A dilution adjustment may apply when you buy or sell shares in the Fund. This is applied to the share price and may reduce the return on your investment.

    Fees to capital

    For distribution purposes the ACD has the facility to allocate part or all of the Authorised Corporate Director’s (ACD) fee to capital. This will reduce the capital value of the Fund. For the year to 30 June 2019 100% of expenses were allocated to capital. The figure for the current financial period has not yet been determined however this number may vary from year to year.

    Tax Rates

    Tax rates and the tax treatment of OEICs can change at any time.